Bitcoin Whale transfers $1.1 billion worth of crypto for $3.58
- 27th October 2020
- Posted by: Hakeem
- Category: Crypto
Big whales are definitely up to something, with the prevailing price seen at the world’s flagship crypto.
As Bitcoin’s price trades above $13,000, an unknown Bitcoin whale moved more than $1 billion worth of cryptos.
According to on-chain data Blockchain, the said whale moved 88,857 BTC — worth roughly $1.15 billion — for a fee of only 0.00027847 BTC, or $3.58 at the time of writing. The coins were confirmed in block 654,364 on Oct. 26.
What you should know
Bitcoin, at the time of this publication, traded at $13,085.43. With a daily trading volume of $21.4 billion, BTC price is down -0.1% in the last 24 hours. It has a circulating supply of 19 million coins and a max supply of 21 million coins.
That said, it’s critical to note these large entities are on record highs amid last week’s price ascension. Statistics obtained from BitcoinCharts revealed that Bitcoin whale addresses actually control a much higher 7,902,469 BTC, or 42% of the total supply.
- That brings an affirmative bias that these large entities’ movements are trajectory to price movements at unprecedented levels.
This is an indication that more high-net-worth individuals are entering the space to invest in Bitcoin, in expectation of $BTC price appreciation.
- Bitcoin accumulation has been on a constant upwards trend for months.
- 2.6M $BTC (14% of supply) are currently held in accumulation addresses.
What this means
Bigwig FX believes the increased buying pressures by notable institutional brands are partly responsible for the non-dilutable crypto recent highs. While it is difficult to predict market movements, BTC whales have shown historically that they often determine the BTC trend.
What this means from a macro level is that the increase in the number of these large entities can be considered bullish.